Many regular readers of The Cooperator doubtless remember the struggle that ensued in the spring of 2011 when co-op officers and elected officials in Eastern Queens declared a “tax revolt” against the city for huge increases in assessed…
The leading factor responsible for the Great Recession—fraudulent mortgage lending—remains a thorn in the side of the nation’s fledgling economy. It started with the false promise of home ownership to many susceptible, under-financed peo…
Unless it's a thoughtful gift or a party in their honor, nobody likes surprises. That's especially true when it comes to sudden, serious, or non-negotiable repairs to a co-op or condo building. A building community must have enough mon…
It’s no secret these days that co-op and condo operating costs are going through the roof, so to speak, and boards and managers are all looking for effective ways to generate cost savings. Building management looks at fuel and energy u…
Organizing and keeping a co-op or condo’s books and other records is, on the surface, not that different than keeping a budget for one’s home. But there are many important differences—filing deadlines, tax requirements, reports…
The key to proper financial management of a co-op begins with the presence of a strategic plan. This plan should include, at a minimum, a projection of necessary capital improvements; and a forecast of revenue and expenses over a ch…
Following the nationwide mortgage crisis, there is a lot of concern across the country about communities being faced with the prospect of foreclosure. Many states have enacted legislation relating to how to handle properties in arrears…
Earlier this year, Mayor Michael R. Bloomberg presented his Fiscal Year (FY) 2012 Executive Budget and an updated four-year financial plan. The mayor outlined the plan, which costs $64.7 billion and would balance the budget with a clai…
No matter if they're overseeing a towering high-rise or a sprawling suburban association, co-op and condo boards usually have their fair share of problems to be solved and emergencies to be defused. Talk to enough people who have dealt…
Owners of New York City co-ops or condos with parking garages in or adjacent to their building are blessed in so many ways. The ability to drive right into your building without the aggravation of hunting down a parking spot provides a …